Inflation in the Netherlands rises to nearly 12%
in record time
NEWSECONOMYPOLITICS
& SOCIETY
April 1,
2022
Lea Shamaa 🇺🇸🇱🇧
The Dutch
inflation rate has been on the rise this year — going from 7.3% in February to
11.9% in March 2022. That’s an increase of 4.6 percentage points! 🥸
This
increase is the largest the Netherlands has seen in the past 40 years and owes
almost all of it to the rise in energy prices, reports NU.
In fact,
the Centraal Bureau voor de Statistiek (CBS) estimated that the cost of energy
(including fuel) in 2022 is twice as expensive as it was in 2021. ⛽
As you’ve
probably realised already, the sharp increase in energy is largely due to the
war in Ukraine, which has continued to drive up both oil and gas prices.
This tweet
from the Centraal Bureau voor de Statistiek (CBS) explains that inflation in
the Netherlands has reached 11.9% in March 2022, according to the HICP
(Harmonised Index of Consumer Prices). 📈
The tweet
also mentions that the graph only shows the initial estimates and that the
actual figures will be published on April 7.
What does
this mean?
Basically,
the rise in the inflation rate represents how much more expensive life has
become in the Netherlands.
According
to NU, things like food, drink, and tobacco are now 5.5% more expensive than
last year while other services have become 2% more expensive. 💰
How does
the Netherlands move from here?
The rise or
fall of the Dutch inflation rate will largely depend on how the war in Ukraine
plays out, along with Putin’s demands on buying Russian gas.
READ MORE |
Dutch Prime Minister thinks boycotting Russian oil will only have small effects
On March
30, Putin announced that all western countries have to pay for their Russian
gas in rubles from Friday April 1 onwards.
While the
Netherlands has rejected this request, it creates a lot of uncertainty about
gas prices in the future.
For now,
the Dutch cabinet has lowered excise duties on fuel. This means a reduction in
the indirect taxes on gas sales, which will apply for residents of the
Netherlands for the entire year of 2022.
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